Financial Services are Turning into IT

The development of smartphones is now about to change the global financial system. Fintech, a word that combines finance and technology, is rising as an attractive investment among IT giants. Fintech refers to any financial activities on internet or mobile devices, like Apple Pay, Google Wallet, PayPal, Amazon mobile payments, and bank mobile applications.

Fintech will open lots of opportunities for future business models to both financial firms and startups. Yet, the government regulations seem to limits the opportunities to larger corporations. The rise of fintech among Korean startups are under questions.